What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

Name: Solved: What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer.. - MathMaster
Brand: MathMaster
Rating: 4.9 (294 reviews)

294

likes

1470 views

Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

$Expert avatar$

Fred

4.4

120 Answers

Solution: For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right)

P=\frac{3300}{1+\left(0.027\right)\left(23\right)}

P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54 Answer: $2,420.54

Frequently asked questions (FAQs)

What is the derivative of (cos(x))^2 - (sin(x))^2?

Math question: Find the slope and y-intercept of the graph represented by the equation y = 2x + 5.

Question: What is the result of factoring the mixed number 3 1/4 and multiplying it by 2, giving the answer in real numbers?Answer: To factor 3 1/4, we convert the mixed number to an improper fraction: 3 1/4 = (3*4 + 1)/4 = 13/4. Multiplying by 2 gives us 2 * 13/4 = 26/4 or 6.5 in decimal form. Thus, the real number result is 6.5.

New questions in Mathematics

Find 2 numbers that the sum of 1/3 of the first plus 1/5 of the second will be equal to 13 and that if you multiply the first by 5 and the second by 7 you get 247 as the sum of the two products with replacement solution

1/2x +3 <4x-7

4.2x10^_6 convert to standard notation

Two numbers differ by 7, and the sum of their squares is 29. Find the numbers.

A National Solidarity Bond offers A 5 year bond offering a gross return of 15% Calculate the AER for this investment. (Give your answer to two decimal places, no need for the percent or € sign in your answer)

4. Show that if n is any integer, then n^2 3n 5 is an odd integer

There are four times as many roses as tulips in Claire’s garden. Claire picked half of the number of roses and 140 roses were left in the garden. How many roses and tulips were in the Garden the first?

find f(x) for f'(x)=3x+7

User Before the election, a poll of 60 voters found the proportion who support the Green candidate to be 25%. Calculate the 90% confidence interval for the population parameter. (Give your answers as a PERCENTAGE rounded to TWO DECIMAL PLACES: exclude any trailing zeros and DO NOT INSERT THE % SIGN) Give the lower limit of the 90% confidence interval Give the upper limit of the 90% confidence interval

Shows two blocks, masses 4.3 kg and 5.4 kg, being pushed across a frictionless surface by a 22.5-N horizontal force applied to the 4.3-kg block. A. What is the acceleration of the blocks? B. What is the force of the 4.3-kg block on the 5.4 -kg block? C. What is the force of the 5.4 -kg block on the 4.3 -kg block?

User One of the applications of the derivative of a function is its use in Physics, where a function that at every instant t associates the number s(t), this function s is called the clockwise function of the movement. By deriving the time function we obtain the velocity function at time t, denoted by v(t). A body has a time function that determines its position in meters at time t as S(t)=t.³√t+2.t . Present the speed of this body at time t = 8 s.